AvidXchange vs. Workday Financial Management

Overview
ProductRatingMost Used ByProduct SummaryStarting Price
AvidXchange
Score 8.9 out of 10
N/A
AvidXchange is an automated bill payment system.
$5,000
per license
Workday Financial Management
Score 8.1 out of 10
N/A
Workday Financial Management is built on a global foundation that provides organizations with the core financial management capabilities expected from a modern cloud solution. It goes well beyond just managing financial processes to achieve greater insight, improve financial consolidation and reduce time to close, instill internal control and auditability, and achieve consistency across global operations. By using an in-memory architecture and object data model,…N/A
Pricing
AvidXchangeWorkday Financial Management
Editions & Modules
AvidXchange
5,000
per license
No answers on this topic
Offerings
Pricing Offerings
AvidXchangeWorkday Financial Management
Free Trial
NoNo
Free/Freemium Version
NoNo
Premium Consulting/Integration Services
NoNo
Entry-level Setup FeeNo setup feeNo setup fee
Additional Details
More Pricing Information
Community Pulse
AvidXchangeWorkday Financial Management
Top Pros
Top Cons
Features
AvidXchangeWorkday Financial Management
Payroll Management
Comparison of Payroll Management features of Product A and Product B
AvidXchange
-
Ratings
Workday Financial Management
8.3
18 Ratings
14% above category average
Pay calculation00 Ratings8.418 Ratings
Benefit plan administration00 Ratings8.615 Ratings
Direct deposit files00 Ratings8.315 Ratings
Customization
Comparison of Customization features of Product A and Product B
AvidXchange
-
Ratings
Workday Financial Management
8.2
16 Ratings
12% above category average
API for custom integration00 Ratings8.213 Ratings
Plug-ins00 Ratings8.115 Ratings
Security
Comparison of Security features of Product A and Product B
AvidXchange
-
Ratings
Workday Financial Management
8.8
20 Ratings
8% above category average
Single sign-on capability00 Ratings8.820 Ratings
Role-based user permissions00 Ratings8.818 Ratings
Reporting & Analytics
Comparison of Reporting & Analytics features of Product A and Product B
AvidXchange
-
Ratings
Workday Financial Management
8.5
23 Ratings
20% above category average
Dashboards00 Ratings8.323 Ratings
Standard reports00 Ratings8.819 Ratings
Custom reports00 Ratings8.317 Ratings
General Ledger and Configurable Accounting
Comparison of General Ledger and Configurable Accounting features of Product A and Product B
AvidXchange
-
Ratings
Workday Financial Management
8.5
19 Ratings
11% above category average
Accounts payable00 Ratings8.914 Ratings
Accounts receivable00 Ratings9.014 Ratings
Global Financial Support00 Ratings8.315 Ratings
Primary and Secondary Ledgers00 Ratings8.715 Ratings
Journals and Reconciliations00 Ratings8.812 Ratings
Configurable Accounting00 Ratings8.215 Ratings
Standardized Processes00 Ratings9.016 Ratings
Inventory Management
Comparison of Inventory Management features of Product A and Product B
AvidXchange
-
Ratings
Workday Financial Management
8.7
8 Ratings
10% above category average
Inventory tracking00 Ratings9.08 Ratings
Automatic reordering00 Ratings8.68 Ratings
Location management00 Ratings8.57 Ratings
Order Management
Comparison of Order Management features of Product A and Product B
AvidXchange
-
Ratings
Workday Financial Management
9.2
9 Ratings
17% above category average
Credit card processing00 Ratings9.29 Ratings
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User Ratings
AvidXchangeWorkday Financial Management
Likelihood to Recommend
9.0
(18 ratings)
8.7
(23 ratings)
Likelihood to Renew
8.2
(5 ratings)
9.0
(1 ratings)
Usability
8.2
(1 ratings)
9.6
(5 ratings)
Availability
9.0
(1 ratings)
-
(0 ratings)
Performance
8.0
(1 ratings)
-
(0 ratings)
Support Rating
8.2
(2 ratings)
9.7
(5 ratings)
Implementation Rating
7.3
(1 ratings)
-
(0 ratings)
User Testimonials
AvidXchangeWorkday Financial Management
Likelihood to Recommend
AvidXchange
AvidXchange is well suited for companies with multiple locations where approvals may be hard to get directly. A user can log on when they have time basically from anywhere to review, code and approve invoices. This would allow for processing of invoices centrally more efficiently then with appear invoices being moved from one place to another to be processed
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Workday
Workday is well suited for managing employees throughout their full life cycle. It excels at housing employee data from the start of their time with the company through their departure. Workday is less suited to payroll functions, which could be more robust.
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Pros
AvidXchange
  • Our contractors and vendors can submit invoices electronically through AvidBill, removing the tedious task of sorting and coding mail. This feature saves on time and administrative duties.
  • Communication is key, and being able to log a comment or question in AvidInvoice allows for clarification and expedited approval process.
  • Having multiple properties, having the Property Code and % Allocation features allow us to ensure the correct entity is charged it's portion of expenses. For example, we may have a service that is coded to all 32 properties. With AvidInvoice we are able to allocate each entity's pro rata share of the invoice.
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Workday
  • The flexibility of going beyond handling the accounts, where we can handle cash, assets, and accounting simultaneously for the customer.
  • The single platform offers grants management where you can organize the lifecycle of the grants and synchronize it with any criteria of grant closing out scheme.
  • I personally liked Project billing with the essence of evaluating project revenue and nice reporting templates that can be shared with the customer at any stage of the project while having the flexibility of auditing the reported cost.
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Cons
AvidXchange
  • AvidPay needs some improvement to minimize the amount of time it takes to issue payment for invoices
  • The search features within AvidXchange on the advanced search screen sometimes do not function correctly (sorting by ascending / descending order doesn't work all of the time).
  • The log enhancement follow-up procedure could use some work.
Read full review
Workday
  • Some of the Workday updates last till like 10 in the morning which prevents employees to clock in and check their times and some cases their schedules
  • Workday can work on opening documents quicker instead of taking couple of minutes or notifying the user when they are ready to download
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Likelihood to Renew
AvidXchange
At the moment we have a contract for another year, we are hoping there is improvement with the company to decide if we stay with them or change.
Read full review
Workday
No answers on this topic
Usability
AvidXchange
Except the one difficult/cumbersome point I made, it is a strong, solid, easy-to-use system.
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Workday
Workday is easy enough navigate, as long as it is properly set up. With that said, it can be put together in a modular fashion as well, allowing for a very high degree of flexibility in terms of design and process delegation. Finally, it makes consolidation achievable in times previously unthinkable.
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Support Rating
AvidXchange
Except for occasional escalations needed to Level 2 support, they are efficient and quick with nearly all requests.
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Workday
Our support team has been awesome. They are extremely knowledgeable and have been able to guide us through all of the challenges we have faced. Workday's community online is also extremely helpful with many trainings and help topics that can be reviewed at your convenience.
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Alternatives Considered
AvidXchange
We are presently evaluating a move to Concur Invoice, not because of any real lack of functionality from AvidXchange, but simply because we have other business functions already on Concur Invoice. From what we have seen so far, the functionality is similar, though I believe Concur Invoice is more expensive.
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Workday
Despite Airtable also being easier to use one thing that differentiates and put forth Workday Financial Management tool above is it's key features and better suited functionality for handling confidential data. The other positive note where Workday Financial Management performs high is it key analytics tool that's easier to use and representation of information into insightful dashboards.
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Return on Investment
AvidXchange
  • AvidXchange allows our office to be more productive on invoice approvals.
  • Overall, AvidXchange is saving us money. We do not have to courier invoices back and forth once signatures have been provided.
  • You can approve invoices from anywhere as long as you have internet access.
Read full review
Workday
  • We were able to combine 4 different HR modules into one system.
  • We reduced data breach incidents by 95% after shifting to Workday. One of our legacy softwares had vulnerabilities.
  • The initial learning curve was higher than projected. We spent about a week to 10 days extra time deploying it, which affected the profit center that year.
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ScreenShots